General Election Spotlight 2024
Revisit this page for all the latest property insights and analysis during the political race.
THURSDAY 4TH JULY
WATCH RECORDING
July News Hour: The new government’s programme
Catch up on News Hour with Rightmove’s General Counsel, David Cox. We discussed how the new government’s programme will affect agents in the months and years ahead, before opening the floor for questions in a live Q&A.
Watch here
WEDNESDAY 3RD JULY
120,000 rental homes needed for normal price growth
Our latest snapshot of the rental market reveals that average advertised rents outside of London are now 7% higher than at this time last year. Whilst the pace of rent growth has eased from its peak of 12% two years ago, it is still much higher than the more normal level of around 2% per year seen before the pandemic.
Approximately 120,000 more rental properties are needed onto the market to achieve this more sustainable level of 2% rent growth per year, based on the current level of demand.
Read the latest market snapshot
Tim Bannister, Rightmove’s property expert, commented: “We’ve been talking about the imbalance between supply and demand in the rental market for a long time now, so it’s easy to forget that there was a time before the pandemic where rental price growth was more stable. Double-digit yearly rent increases were not sustainable, and, whilst there has been some improvement in the ratio between supply and demand, price growth at +7% suggest we are still out of balance. In fact, our analysis shows we would need 120,000 more properties on the rental market to achieve a more sustainable level of rent growth of around 2% per year. The next government should be prioritising an improvement to the planning process, an acceleration of housebuilding, and encouraging more supply into the rental market.”
TUESDAY 2ND JULY
Rishi and Keir on housingWe think it’s really important that the housing market is top of the agenda for whichever party wins the election. There are a number of changes we’d like to see from the next government to help home-movers. We asked both the Conservatives and Labour how each of their parties would support the housing market if they won the election. Read more about:
Read their responses in full |
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FRIDAY 28TH JUNE
Over 18 million UK homes need green upgrades
Our latest analysis has revealed the urgent need for the next government to help home-owners and landlords make their homes greener. The analysis estimates that at least 18 million homes have an EPC rating of a D or below and need to be improved, equating to over half (55%) of all UK housing stock.
Get the analysis
Tim Bannister, Rightmove’s property expert said: “While it’s a start to see some green support proposed in the party manifestos, there’s a big job to be done to address the widescale issue that at least 18 million UK homes need to be improved.”
“Many home-owners and landlords need urgent access to schemes that enable them to make these improvements, which could help with huge savings on energy bills. Each home requires different improvements and the upfront costs are a huge barrier to change. Without more help, many home-owners and tenants will continue to live in high-carbon emitting homes with high energy costs.”
MONDAY 24TH JUNE
Average first-time buyer mortgage payment up 61% since last election
Our new first-time buyer study reveals that the average first-time buyer mortgage payment has risen by 61% since the last election year of 2019, from £667 to £1,075 per month as rates remain elevated.
Read more about:
Read the study |
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MONDAY 10TH JUNE
Proposed Mortgage Guarantee Scheme and Stamp Duty Freeze
Following Labour’s proposal for a mortgage guarantee scheme and the Chancellor’s comments about freezing Stamp Duty, Rightmove’s property and mortgage experts, Tim Bannister and Matt Smith, provide reaction to the national press:
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Tim Bannister, Rightmove’s property expert said: “We welcome policies and innovations which are trying to help more first-time buyers onto the ladder. However, we know from our own research that policies like the mortgage guarantee scheme have limitations and are only able to help a very small pool of future first time buyers that fit specific requirements. One of the biggest barriers for first time buyers is being able to borrow enough from a lender, which a mortgage guarantee scheme doesn’t address.” |
| Matt Smith, Rightmove’s mortgage expert said: “We think there’s a greater opportunity for the next government to review the mortgage affordability criteria in a responsible way. Longer-term solutions need to be prioritised over short-term fixes to help more first-time buyers to get onto the ladder, especially those who are trying to buy on their own. Whilst continuation of this kind of support, and making it attractive to lenders to offer it is helpful, it should be the first step amongst many in helping first-time buyers.” |  |
Mortgage Guarantee Scheme Data
The percentage of homes available for first-time buyers in different regions of Great Britain:
Stamp Duty Data
The percentage of homes on the market by the current stamp duty bands:
£6,256The average stamp duty that a home-mover currently pays¹ |
28%The percentage of homes on the market that are currently SDLT exempt² |
62%The percentage of homes on the market that are currently SDLT exempt for first-time buyers³ |
1. Not first-time buyer, based on average asking price of £375,131 2. Any property priced £250,000 or below, excluding second homes 3. Any property priced £425,000 or below, excluding second homes
WEDNESDAY 5TH JUNE
Reaction to first live TV debate
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In response to the extremely limited housing policy discussion in last night’s TV debate, Rightmove’s property expert Tim Bannister said: “At a time when house prices and rents are at record highs, it’s really disappointing to see that housing barely got a look in during last night’s debate. People need to hear much more about what long term solutions there could be to help more people to move, especially renters who weren’t mentioned at all.
We hope to see housing get much more attention over the coming weeks. There are many complex issues affecting different groups of people that need to be discussed.” |
Housing Market Insights
The undersupply of housing in the UK has contributed to ever-increasing house prices and rents, with national average asking prices of homes now 22% higher than five years ago, at £375,131, and national advertised rents up by 40%, at £1,479 per calendar month. |
Over the past five years the gap between supply and demand has widened. Since April 2019, buyer demand has risen by 15%, while supply has decreased by 6%. In the rental market, demand has increased by 32%, with supply reducing by 38%. |
TUESDAY 4TH JUNE
Campaigning for change
Ahead of the first live TV debate between Rishi Sunak and Sir Kier Starmer, we’re calling for a greater focus on the housing market for the benefit of our partner agents and home-movers.
The campaign will be amplified through the national press and social media.
Rightmove’s director of agent partnerships, Christian Balshen, said: “We want to make sure that housing is at the forefront in the lead up to the election. Whilst we know that most people are carrying on with their home-moving plans, there will be another group of people thinking of moving later this year and beyond who want to hear more.
We’re trying to get it higher up the agenda to help agents and home-movers, and we’ll continue to push for long-term solutions rather than short-term schemes.”
FRIDAY 31ST MAY
Pre-Election Report
Our latest report proposes some key priorities for the next government:
Read the report |
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TUESDAY 28TH MAY
Majority of Home-Movers Undeterred by Election
95%
of home-movers say the upcoming general election
will not affect their moving plans*
*Rightmove’s latest Spring Survey
Rightmove data from previous elections also shows us that the market typically remains steady during an election period:
In 2015, demand from buyers was consistent leading up to the election, and experienced a post-election boost in June when the annual change moved from a 9% increase to an 18% increase. |
Similarly in 2019, demand remained stable across October and November, and saw an annual increase of 13% in the December election month, followed by an annual increase of 14% in January 2020. |
Read more
Please feel free to use these insights for your own marketing and sales purposes.
REWATCH TODAY
June News Hour: General Election 2024
In June’s News Hour, we discussed how the latest developments during the political race could affect the property industry and answered your questions in the live Q&A.
Rewatch here
Tell us what matters to you
Let us know what your top priorities are for the next Government, so we can push for the changes that our industry needs.
A message from Christian Balshen, Director of Agent Partnerships
“It’s inarguable that housing should be at the forefront of the government’s agenda given its far-reaching impact on the UK population. So we can support you and push for meaningful change in the property industry, we want to hear the opinions of those who are the most integral to it.
Tell us what your top priorities are for the next government above and and revisit this page for the latest updates.”
